Apple Inc. has completed a $3 billion purchase for Santa Monica’s Beats Electronics, the companies confirmed on Wednesday.
According to various media reports confirmed by Apple and Beats, Apple will pay $2.6 billion in cash plus $400 million in stock for the headphone maker and streaming-music service. Beats is led by rapper Dr. Dre, also known as Andre Young, and music executive Jimmy Iovine. The two co-founders will become Apple employees as part of the agreement.
Apple has said it plans to keep selling Beats products under that brand name.
The acquisition is the largest in Apple’s 38-year history.